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1/12/10, 9:58 am

Legal Question

i have a boat that we bought 1 year ago and i lost my job last year and we can not afford to keep it. can we voluntarily return it to the bank and if so, what are the laws governing?

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You will be liable for the difference in value and your loan. Same as repo of a car. ...

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Answered By:

Sarah Grosse

The bank would need to take it. You would still be liable on the note and on the difference between what the bank sells...

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Answered By:

Alan Wagner

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